Bankly has announced the close of their $2 million seed round co-led by Vault, the holding company of Nigerian fintech VANSO, and Nigerian payments company Flutterwave.
Bankly is digitizing what is known to many Nigerians as “Ajo” or “Esusu,” which is an arrangement among individuals who contribute income to create savings for their mutual benefit. Bankly was founded by Tomilola Adejana and Fredrick Adams in 2018.
We’re thrilled to have closed this milestone fundraise and to have such seasoned fintech investors who understand the market join us on this journey to bank Nigeria’s unbanked. Now we have built the agent network and are poised to serve customers directly via offline and online channels. Partnerships, collaboration, and a deep understanding of the needs of the unbanked will be vital to our success.
Tomilola Adejana – Bankly CEO
Bankly’s seed round sees two Nigerian fintechs leading a funding round for another Nigerian fintech. More intra-national investments & acquisitions such as this are likely to catalyse self-sufficient growth for social entrepreneurship in Nigerian tech.
